Storage racks for small articles, ranging from pencils and pens to other items such as paint brushes, cassettes and small containers are available in many sizes, styles, constructions and configurations. In the storage rack shown and described in my U.S. Pat. No. 4,936,469, issued Jun. 26, 1990, I provided a storage rack that is capable of storing thick, thin, long and short articles of virtually any shape or configuration with a minimum original set up time as well as a minimum revision time when it is necessary to change the storage rack to accommodate different types or shapes of articles. The construction of my prior storage rack required that the end portions of the legs of each retainer loop be bent at right angles to the adjacent portions of the legs and that they be positioned behind the slot into which the loop legs are inserted and also required a back member to engage the bent end portions of the legs to preclude withdrawal of the loops forwardly through the slots.